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As indicated below, the Mayor of Providence agrees with this dire analysis.  
According to the Comprehensive Annual Financial Report (CAFR) of the City for the fiscal year ended June 30, 2019, the Employee Retirement System of the City (ERS) had a funded ratio of only 25.83%. That is, ERS had approximately $367 million in assets to cover its total $1.4 billion pension liability.GET THE LATEST BREAKING NEWS HERE SIGN UP FOR GOLOCAL FREE DAILY EBLAST
ERS, which secures the retirement of 3,658 retired participants and their beneficiaries, as well as 2,889 active participants, is severely underfunded by more than $1 billion. Since 2014, the pension unfunded liability has grown from $872 million and the funding level has fallen from 29%. ....

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